Revenue growth has decelerated from a 26.3% peak in 2024Q2 to 13.9% by 2025Q4, while gross margins have experienced significant volatility, dropping to 39.0% in the most recent quarter.
| Sales/Revenue | 377.09M | 490.02M | 426.56M | 346.26M | 261.71M | 149.97M | 122.02M | 113.72M |
| Revenue Growth % | -15.18% | 14.88% | 23.19% | 32.3% | 74.51% | 22.91% | 7.29% | - |
| Cost of Goods Sold | 201.2M | 256.04M | 203.76M | 170.22M | 126.59M | 74.53M | 66.51M | 58.57M |
| COGS % of Revenue | - | 52.25% | 47.77% | 49.16% | 48.37% | 49.7% | 54.51% | 51.5% |
| Gross Profit | 175.88M | 233.98M | 222.8M | 176.03M | 135.13M | 75.44M | 55.51M | 55.15M |
| Gross Margin % | 46.64% | 47.75% | 52.23% | 50.84% | 51.63% | 50.3% | 45.49% | 48.5% |
| Gross Profit Growth % | - | 5.02% | 26.57% | 30.27% | 79.12% | 35.9% | 0.64% | - |
| Operating Expenses | 223.89M | 215.06M | 224.8M | 176.69M | 130.01M | 75.28M | 53.64M | 52.28M |
| OpEx % of Revenue | - | 43.89% | 52.7% | 51.03% | 49.68% | 50.2% | 43.96% | 45.97% |
| Selling, General & Admin | 222.34M | 215.06M | 197.45M | 158.38M | 117.84M | 69.03M | 51.47M | 51.49M |
| SG&A % of Revenue | - | 43.89% | 46.29% | 45.74% | 45.03% | 46.03% | 42.18% | 45.27% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 27.35M | 18.31M | 12.17M | 6.25M | 2.17M | 797K |
| Operating Income | 18.03M | 18.92M | -2M | -656K | 5.12M | 160K | 1.87M | 2.98M |
| Operating Margin % | 4.78% | 3.86% | -0.47% | -0.19% | 1.96% | 0.11% | 1.53% | 2.62% |
| Operating Income Growth % | - | 1046% | -204.88% | -112.81% | 3100% | -91.44% | -37.34% | - |
| EBITDA | 47.47M | 46.48M | 26.45M | 18.07M | 17.37M | 6.53M | 4.15M | 3.78M |
| EBITDA Margin % | 12.59% | 9.49% | 6.2% | 5.22% | 6.64% | 4.35% | 3.4% | 3.32% |
| EBITDA Growth % | 54.55% | 75.76% | 46.37% | 4.01% | 165.98% | 57.53% | 9.68% | - |
| D&A (Non-Cash Add-back) | 29.45M | 27.56M | 28.45M | 18.72M | 12.25M | 6.37M | 2.28M | 797K |
| EBIT | 16.56M | 18.92M | -2.48M | -1.07M | 5.04M | 38K | 1.76M | 2.87M |
| Net Interest Income | -4.89M | 0 | -7.95M | 0 | -763K | 0 | -35K | -600K |
| Interest Income | 0 | 0 | 0 | 5.34M | 2.46M | 918K | 565K | 0 |
| Interest Expense | 4.89M | 0 | 7.95M | 5.34M | 3.22M | 918K | 600K | 600K |
| Other Income/Expense | -9.19M | -7.76M | -6.95M | -5.79M | -3.38M | -1.44M | 110K | -419K |
| Pretax Income | 8.84M | 11.16M | -8.95M | -6.45M | 1.74M | -1.28M | 1.98M | 2.56M |
| Pretax Margin % | 2.34% | 2.28% | -2.1% | -1.86% | 0.66% | -0.85% | 1.62% | 2.25% |
| Income Tax | -2.06M | -1.07M | -11.98M | 177K | -3.27M | -1.58M | 989K | 1.04M |
| Effective Tax Rate % | -23.27% | -9.59% | 133.91% | -2.75% | -188.31% | 123.36% | 49.97% | 40.48% |
| Net Income | 10.59M | 12.23M | 2.8M | -6.62M | 5M | 299K | 990K | 1.53M |
| Net Margin % | 2.81% | 2.5% | 0.66% | -1.91% | 1.91% | 0.2% | 0.81% | 1.34% |
| Net Income Growth % | 271.77% | 336.09% | 142.33% | -232.35% | 1573.91% | -69.8% | -35.12% | - |
| Net Income (Continuing) | 10.89M | 12.23M | 3.03M | -6.62M | 5M | 299K | 990K | 1.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.64 | 0.73 | 0.17 | -0.53 | 0.37 | 0.02 | 0.09 | 0.15 |
| EPS Growth % | 334.78% | 329.41% | 132.08% | -243.24% | 1645.28% | -77.28% | -37.8% | - |
| EPS (Basic) | - | 0.74 | 0.18 | -0.53 | 0.39 | 0.02 | 0.09 | 0.15 |
| Diluted Shares Outstanding | 16.45M | 16.75M | 16.13M | 12.49M | 11.68M | 11.49M | 10.02M | 9.46M |
| Basic Shares Outstanding | 16.45M | 16.41M | 15.75M | 12.49M | 10.89M | 11.49M | 10.02M | 9.46M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Integration-driven margin compression
According to historical financial data, BWMN's year-over-year revenue growth has decelerated from a peak of 26.3% in 2024Q2 to 13.9% by 2025Q4, suggesting that the firm's aggressive acquisition-led expansion strategy is encountering natural scaling friction as the revenue base expands in a volatile market.
The transition from high-twenties growth to the low-teens indicates that the company is struggling to maintain its inorganic momentum. Investors should monitor whether this deceleration reflects a deliberate shift toward organic quality or an inability to source accretive acquisitions at favorable multiples.
As reported in recent income statements, BWMN's gross margin has exhibited significant volatility, swinging from a high of 53.7% in 2025Q2 to a low of 39.0% in 2025Q4, which highlights the inherent difficulty in maintaining pricing power across a diverse and rapidly integrating service portfolio.
This margin instability suggests that the company's project mix may be shifting toward lower-margin work or that cost-overruns on specific contracts are impacting profitability. The lack of a consistent margin floor warrants further investigation into the firm's ability to pass through professional wage inflation to its clients.
Based on reported figures, BWMN's operating margin has remained consistently thin, peaking at only 7.4% in 2025Q2 and frequently dipping near zero, which indicates that the firm has yet to achieve the necessary economies of scale to translate gross profit into meaningful bottom-line operating income.
The persistent burden of SG&A expenses suggests that the corporate overhead required to manage a decentralized network of acquired firms is currently offsetting the benefits of top-line growth. Until the company demonstrates a clear ability to scale revenue faster than its administrative cost base, operating leverage will likely remain a significant concern for shareholders.
Analysis of the income statement reveals that stock-based compensation remains a substantial recurring expense, often exceeding $4 million per quarter, which significantly dilutes the quality of reported net income and complicates the assessment of the firm's true underlying cash-generating capability for equity investors.
The reliance on equity-based incentives appears to be a structural feature of the firm's compensation model, which may be masking the true cost of talent retention. Investors should be cautious of the discrepancy between GAAP net income and the actual cash flow available to shareholders, given the consistent impact of these non-cash charges.
While management emphasizes inorganic expansion, the data suggests that the company's reliance on continuous M&A to drive revenue growth may be masking underlying organic stagnation, a trend that short-sellers would likely highlight as a primary risk to the firm's long-term valuation multiple.
The combination of thin operating margins and high acquisition activity suggests that the firm is essentially trading capital for growth without yet proving a sustainable competitive advantage. If the M&A pipeline slows or if integration costs continue to escalate, the company may face a significant valuation correction as the market shifts its focus from growth to profitability.
Quick answers to the most common questions about buying BWMN stock.
For fiscal year 2025, Bowman Consulting Group Ltd. (BWMN) reported total revenue of $490.0M. This represents a 330.9% increase compared to $113.7M in 2019.
Bowman Consulting Group Ltd. (BWMN) is profitable, generating $12.2M in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.
Bowman Consulting Group Ltd. (BWMN) reported an operating income of $18.9M, resulting in an operating profit margin of 3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Bowman Consulting Group Ltd. (BWMN) generated $234.0M in gross profit for the year, representing a gross profit margin of 47.7%. This demonstrates the company's core pricing power and production efficiency.